Financial Data and Key Metrics Changes - Revenues for Q1 2021 were $271 million, an increase of $80.1 million or 42% from Q1 2020 [9] - Gross profit, excluding noncash LIFO adjustments, was $66 million, up $24.3 million or 58.4% compared to 2020 [11] - Adjusted EBITDA for the quarter was $27.8 million, up $18.3 million or 192% [14] Business Line Data and Key Metrics Changes - Revenue from the sale of recreational vehicles (RVs) was $244.9 million, up $77.7 million or 46.5% [9] - Revenue from new RVs was $167.4 million, an increase of $65 million or 63.4% [9] - Revenue from pre-owned RVs was $77.5 million, up $12.8 million or 19.7% [10] - Revenue from other channels, including parts and service, was $26.1 million, up $2.4 million or 10.3% [10] Market Data and Key Metrics Changes - Total RV unit sales, excluding wholesale units, were 3,197, an increase of 781 units or 32.3% [9] - Average selling price of new RVs was $78,400, up $4,000 or 5.4% [9] - Average selling price of pre-owned RVs was $67,800, up 14.9% compared to Q1 2020 [10] Company Strategy and Development Direction - The company plans to acquire B. Young RV dealerships in Portland, Oregon, and Vancouver, Washington, aligning with its strategy to strengthen its market presence [18] - The company aims to add at least 20 fully operational dealerships by the end of 2022, with a mix of acquisitions and greenfield developments [19] - Focus on improving customer experience and service excellence through investments in people, processes, and technology [20] Management's Comments on Operating Environment and Future Outlook - Strong demand for RVs is expected to continue, with tight inventory positively impacting margins [17] - Anticipated that dealer inventories will not normalize until the second half of 2022 at the earliest, maintaining elevated margins [18] - The company is confident in its growth pipeline and backlog, indicating strong future sales potential [18] Other Important Information - The company is undergoing a restatement related to SPAC warrant accounting, which is expected to have no impact on previously reported revenue or adjusted EBITDA [7][8] - Cash on hand as of March 31, 2021, was $79.5 million, with net working capital of $54.6 million [15] Q&A Session Summary Question: How does the average customer profile look currently? - The average customer is younger, with many new entrants under 40, but older demographics are still significant buyers [23] Question: What is the breakdown of new dealerships expected? - Approximately 50% of new dealerships will be acquired, and 50% will be greenfield [24] Question: What are the early returns from the Houston service center? - The service center has seen a strong backlog, and the company is confident in its future success [26][27] Question: Can you provide context on same-store sales growth targets? - The goal is to continue growing market share, although it varies by dealership [30] Question: How does the current inventory situation compare to consumer demand? - Demand is currently stronger than shipments, leading to a decrease in inventory [32][34]
Lazydays Holdings(GORV) - 2021 Q1 - Earnings Call Transcript